Klaveness Combination Carriers

Investor Presentation • Aug 21, 2025

Second Quarter 2025

Disclaimer

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Agenda

Introduction / performance overview

Market review and commercial update

Financial update

Sustainability efforts

Market outlook

Commercial outlook and summary

Strong CABU performance lifts Q2 results with positive outlook for both segments

• Q2 2025 EBITDA of USD 18.1 million (Q1 2025: USD 15.0 million) and EBT of USD 6.7 million (Q1 2025: USD 4.3 million)
• CABU TCE earnings of \$26,365/day (Q1 2025: \$22,346/day) outperforming the MR index by 30%
• CLEANBU TCE earnings of \$22,843/day (Q1 2025: \$22,449/day) quite flat Q-o-Q despite stronger markets
• Q2 2025 dividend of USD 0.05 per share amounting to USD 3.0 million (Q1 2025: USD 0.035 per share)
• Efficiency improvements deliver a strong carbon intensity performance with fleet EEOI of 6.2 for the quarter
• Bank financing secured for newbuilds including refinancing of CABU facility at favorable terms

Highlights Q2 2025 KCC TCE earnings (\$/day)1,2

4

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM2Q2025" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2025 report.

2) Standard tonnage assume one-month advance cargo fixing/"lag". Standard tonnage for bulk carriers are calculated averages of Panamax and Kamsarmax earnings weighted by CABU and CLEANBU onhire days respectively. Standard tonnage for product tankers are calculated averages of MR and LR1 earnings weighted by CABU and CLEANBU onhire days respectively. Multiples are calculated by dividing KCC average TCE earnings on standard tonnage for bulk carriers and product tankers. Source: Clarksons Securities and Clarksons SIN

Dividends distributed every quarter since listing in 2019

1) Close 20th August 2025, USDNOK Norges Bank

2) Adjusted Cash Flow to Equity (ACFE) is an alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM2Q2025" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2025 report).

Agenda

Introduction / performance overview

Market review and commercial update

Financial update

Sustainability efforts

Market outlook

Commercial outlook and summary

Stronger dry bulk and tanker spot markets in Q2 – solid Q3 development

TCE earnings development \$/day1

1) Source: Clarksons Securities and Clarksons SIN

Maintaining earnings premium with lower earnings volatility

Quarterly KCC fleet TCE earnings1 vs. standard tonnage2

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1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM2Q2025" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2025 report.

2) Standard tonnage assumes one-month advance cargo fixing/"lag". Standard tonnage for bulk carriers are calculated averages of Panamax and Kamsarmax earnings weighted by CABU and CLEANBU onhire days respectively. Standard tonnage for product tankers are calculated averages of MR and LR1 earnings weighted by CABU and CLEANBU onhire days respectively. Source: Clarksons Securities and Clarksons SIN

Stronger spot markets and improved trading efficiency

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM2Q2025" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2025 report.

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Less favorable CLEANBU trading in Q2 – set to improve next quarters

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM2Q2025" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2025 report.

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Agenda

EBITDA up 20% Q-o-Q driven by stronger CABU TCE earnings

CABU OPEX Adm. TCE earnings CLEANBU TCE earnings EBITDA Q1 2025 More onhire days EBITDA Q2 2025 15.0 2.7 0.3 0.2 (0.3) 0.2 18.1 + 20 %

EBITDA Q2 2025 compared to Q1 2025 (USD millions)

Normal variations in OPEX Q-o-Q

Off-hire

	Q1 2025	Q2 2025
On-hire days	1 380	1 387
Scheduled off-hire	59	57
Unscheduled off-hire	0	12

• Operating expenses, vessels increased by USD 0.3 million/ 2% Q-o-Q, mainly due to timing of costs between quarters
• 12 unscheduled off-hire days in Q2 2025 mainly related to upgrading of one CABU vessel built in 2001
• The fleet had in total 57 scheduled off-hire days related to the dry-docking of two CABU vessels and one CLEANBU vessel in Q2 2025
• Four vessels have completed dry-docking YTD, while additional four vessels will start and/or complete dry-docking during 2025. See slide 39 for more details

1) OPEX \$/day is an alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM2Q2025" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2025 report.

Q2 2025 Income Statement

USD thousand (unaudited accounts)	Q2 2025	Q1 2025	Quarterly variance
Net revenues from operations of vessels	34 074	30 911	10.2 %	Q2 2025	Q1 2025
Operating expenses, vessels	(13 497)	(13 199)	2.3 %	Earnings per share1	Earnings per share1
SG&A	(2 486)	(2 673)	(7.0) %	\$0.11 Dividend per share2	\$0.07 Dividend per share2
				\$0.05	\$0.035
EBITDA	18 091	15 039	20.3 %	ROCE3	ROCE3
Depreciation	(8 681)	(8 373)	3.7 %	6%	5%
				ROE3	ROE3
EBIT	9 410	6 666	41.2 %	8%	5%
Net financial items	(2 687)	(2 362)	13.8 %
Profit after tax	6 723	4 304	56.2 %

1) Basic earnings per share. Calculated basis 59 290 153 for Q2 2025 and 59 463 175 for Q1 2025 (average total shares adjusted for treasury shares) 2) Dividend for Q2 2025 approved 20 August 2025, to be distributed in Q3 2025 3) ROCE/ROE is based on annualized EBIT/Profit after tax for the quarter. ROE and ROCE are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM2Q2025" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2025 report.

H1 2025 Income Statement

USD thousand (unaudited accounts)	H1 2025	H1 2024	Variance
Net revenues from operations of vessels	64 975	105 669	(38.5) %	H1 2025	H1 2024
Operating expenses, vessels	(26 685)	(26 612)	0.3 %	Earnings per share1	Earnings per share1
				\$0.19	\$0.84
SG&A	(5 159)	(5 566)	(7.3) %	Dividend per share2	Dividend per share2
				\$0.085	\$0.65
EBITDA	33 130	73 767	(55.1) %	ROCE3	ROCE3
Depreciation	(17 054)	(15 098)	13.0 %	5%	19%
				ROE3	ROE3
EBIT	16 076	58 669	(72.6) %	6%	28%
Net financial items	(5 049)	(7 608)	(33.6) %
Profit after tax	11 027	51 061	(78.4) %

1) Basic earnings per share. Calculated basis 59 376 664 for H1 2025 and 60 436 692 for H1 2024 (average total shares adjusted for treasury shares) 2) Dividend for Q2 2025 approved 20 August 2025, to be distributed in Q3 2025 3) ROCE/ROE is based on annualized EBIT/Profit after tax for the quarter. ROE and ROCE are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM2Q2025" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2025 report.

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Balance sheet

USD thousand (unaudited accounts)	30 Jun 2025	31 Mar 2025	Quarterly variance
ASSETS
Non-current assets
Vessels	487 809	489 751	(1 942)
Newbuilding contracts	46 430	31 258	15 172
Other non-current assets	8 155	5 142	3 013
Current assets
Other current assets	40 584	33 929	6 655
Cash and cash equivalents	46 592	45 141	1 451
Total assets	629 571	605 221	24 350
EQUITY AND LIABILITIES
Equity	354 185	350 014	4 171
Non-current liabilities
Mortgage debt	146 425	137 492	8 933
Long-term financial liabilities	6	66	(59)
Long-term bond loan	79 472	76 288	3 184
Current liabilities
Short-term mortgage debt	25 199	25 199	-
Other current liabilities	24 285	16 162	8 122
Total liabilities	275 387	255 206	20 180
Total liabilities and equity	629 571	605 221	24 350
Equity ratio*	56.3%	57.8%

Overview of current mortgage debt:

	Facility	Vessels	Amount per 30 June 2025	Due date
	USD 80mn Term Loan	5 CABU vessels	USD 50mn	Dec. 2026
	USD 60mn Term Loan/RCF	2 CLEANBU vessels	USD 15mn + USD 30mn undrawn	Mar. 2027
	USD 190mn Term Loan/RCF	6 CLEANBU vessels	USD 109mn + USD 55mn undrawn	Jun. 2028

* Equity ratio is an alternative performance measure (APM) which is defined and reconciled in the excel sheet "APM2Q2025" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2025 report.

Bank financing secured for newbuilds including refinancing of CABU facility

Pro forma debt maturity profile (USD million)1

New facility has been credit approved, and commitment letters have been signed. Subject to final documentation.

Tranche	Vessels	Type	Amount	Margin	Profile	Tenor	Maturity date
CABU refinancing	4 CABUs: Bakkedal (2007), Balboa (2016), Baffin (2016), Ballard (2017)	Term loan	~USD 60 million		20 years age-adjusted
CABU newbuild	3 CABU newbuilds with delivery in Q1-Q3 2026	Revolving credit facility	~USD 120 million (~60% of delivered cost)	1.80%		6 years	September 2031
	Total		~USD 180 million

Q2 2025 Cash Flow

Comments

• Steel cutting for third and last vessel and keel laying for the first vessel in Q2 2025
• Drawdown on revolving credit facility to fund newbuild yard instalments
• For dry-docking and newbuild schedule 2025, see slide 39 and 40

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Agenda

Introduction / performance overview

Market review and commercial update

Financial update

Sustainability efforts

Market outlook

Commercial outlook and summary

Emissions intensity continues to reduce

Carbon intensity (EEOI)1 CLEANBU Q2 EEOI driven by trading efficiency

• CABU fleet EEOI increased to 6.6, mainly from lower average cargo weight due to higher share of CSS shipped in MR lots instead of CABU lots
• CLEANBU fleet EEOI improved to 5.8, mainly from higher average cargo weight and slightly lower ballast share
• Retrofit program progressing with third CABU vessel completing a significant retrofit dry-docking including shaft generator and air lubrication

IMO Net Zero Framework is soon up for decision

1) Assumed compliance strategy is continued use of VLSFO, purchase RU1s. VLSFO 93, baseline 93.3 gCO2e/MJ. Costs per unit at RU1 100, RU2 380 USD/tCO2e. Base trajectory starts at 96% in 2028, reduces 2%/yr to 2030, then 4.4%/yr to 2035. Direct reduction starts 83% in 2028, reduces 2/yr to 2030, then 4.4%/yr to 2035.

2) Calculations made in the important CLEANBU trade from Middle East to Argentina with return cargo of sugar from Brazil to the UAE. The calculations assume that market freight for standard dry bulk and product tankers are uplifted to cover the IMO regulatory costs. Source: IMO

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Agenda

Introduction / performance overview

Market review and commercial update

Financial update

Sustainability efforts

Market outlook

Commercial outlook and summary

Dry bulk and tanker market outlook – risks and opportunities

Solid start to Q3 with rebound in global CPP exports

Global CPP exports (mmbbl)

Jan 24 Feb 24 Mar 24 Apr 24 May 24 Jun 24 Jul 24 Aug 24 Sep 24 Oct 24 Nov 24 Dec 24 Feb 25 Mar 25 Apr 25 May 25 Jun 25 Jul 25 Jan 25

Source: Kpler

Distillate fuel imbalances supportive of long-haul trades

2025 distillate inventory as compared to 5-year average East-to-west price differential (Singapore vs ICE Gasoil)

Fleet growth to be offset by tight crude/DPP market

2025 estimated fleet growth(1) Growing share of LR2s trades dirty(2)

1) Clarksons SIN Oil and Tanker Trades Outlook July 2025. YoY change in trading fleet. 2) Clarksons August 2025

Panamax benefits from strong South America harvest and Chinese demand

Strong Chinese soybean buying-interest and large South American harvests suggests strong Brazilian soybean exports in 2H 2025

Weak Chinese corn harvests triggers Chinese corn purchases from S. America – more uncertainties on US corn exports to China

Source: Signal Ocean

Coal demand improving – positive effect on Panamaxes

Coal prices recovered on the back of increased demand following a hot summer

Newcastle 6700 Kcal Coal Price USD/ton

Main Panamax coal shipment growth comes from ex. China supported by strong cape market

Increasing optimism in the panamax market – positive effects from capesize

Strong development in capesize fronthaul volumes

Brazil + Guinea Iron Ore & Bauxite to China

Agenda

Introduction / performance overview

Market review and commercial update

Financial update

Sustainability efforts

Market outlook

Commercial outlook and summary

High CABU tanker/caustic soda contract coverage for balance of 2025

*Based on expected contract days under booked COAs 1) Further details for contract coverage – see appendix page 37-38

14%

13%

73%

31

Positive outlook for 2026 CSS volumes – positive effects from newbuilds

CABU III newbuilds on schedule

Larger vessels reduce freight cost/increase TCE earnings

Continuing to grow CSS cargo volume to Australia

Target further growth to absorb new capacity

High spot market exposure – continue target increasing COA coverage

Split of tanker and dry booking1

% share of fleet as of 20 August 2025

Maintaining West of Suez trading while focusing on business development

% of CLEANBU on-hire days employed West of Suez and to/from West of Suez

Q3 2025 guiding – positive outlook for both segments

Q3 2025 TCE earnings1 guiding vs. actual last two quarters

Estimate based on booked cargoes and expected employment for open capacity basis forward freight pricing (FFA)

1) TCE earnings \$/day are alternative performance measures (APMs) which are defined and reconciled in the excel sheet "APM2Q2025" published on the Company's homepage (www.combinationcarriers.com) Investor Relations/Reports and Presentations under the section for the Q2 2025 report.

FUTURE BOUND

Detailed 2025-2026 contract coverage – wet

Contract coverage (as per 20 August 2025)

CABU: CSS contract coverage

CLEANBU: CPP contract coverage

Total wet contract coverage

Detailed 2025-2026 contract coverage – dry bulk

Contract coverage (as per 20 August 2025)

CABU: dry contract coverage

CLEANBU: dry contract coverage

Total dry contract coverage

Dry docking preliminary plan for 2025

(CAPEX in USD millions and off-hire in parenthesis)

Completed and scheduled 2025 dry dockings:

Depreciations 2025: Following completed DDs in 2024 and 2025, we expect to see an increasingly recognized depreciation cost per quarter from in range 10-25% per quarter throughout 2025 (compared to Q4 2024). On an annual basis we expect depreciation cost for 2025 to be approximately in range 15-20 % higher than 2024.

Vessel	Type	Dry docking and other technical upgrades	Energy efficiency measures	Estimated total cost (off-hire days)	Timing*
Balboa**	CABU	3.2	4.6	7.8 (57)	14.11.24-10.01.25
Bakkedal	CABU	1.9	0.0	1.9 (38)	06.03.25-14.04.25
Baffin	CABU	2.8	4.6	7.4 (59)	07.03.25-04.05.25
Baleen	CLEANBU	3.0	0.4	3.4 (56)	17.06.25-11.08.25
Bantry	CABU	3.3	0.2	3.45 (42)	Sep/Oct
Bangus	CLEANBU	3.1	4.9	8 (57)	Sep/Oct
Baiacu	CLEANBU	2.2	0.2	2.35 (32)	Q4
Bangor	CABU	3.1	0.0	3.1 (42)	Q4
Total 2025		22.6	14.8	37.4 (383)

Completed

Scheduled

Newbuild CAPEX overview

Estimated CAPEX1 per vessel (USDm)

		2023			2024			2025			2026
Name	Contract price	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
CABU III – 1560	USD 57.4m		5.74						5.74	8.61		5.74	31.57
CABU III – 1561	USD 57.4m		5.74						5.74		8.61	5.74	31.57
CABU III - 1562	USD 57.4m		5.74							5.74		8.61		5.74	31.57
Other costs1	USD 21.5m		0.21	0.26	0.36	0.36	0.41	0.42	0.36	0.37			10.752		8.052
Total	USD 193.8m		17.22	0.26	0.36	0.36	0.41	0.42	11.84	14.72	8.61	20.09	75.74	5.74	40.57

Payment structure

Milestone payments	Signing	Steel cutting	Keel laying	Launching	Delivery
% of total contract price	10%	10%	15%	10%	55%

⁴⁰ 1) Other costs will include costs for change orders, supervision and project management fee, upstoring costs and energy efficiency investments. Delivery cost for vessel 1560 and 1561 = USD 6.3m per vessel. Delivery cost for vessel 1562 = USD 9.0m (including USD 2.7m related to installment of sails). Does not include capitalized borrowing costs. 2)Timing not exact

Overview of actual dividend distribution compared to dividend policy

Dividend policy: KCC intends, on a quarterly basis (after the initial investment period 2019-2021), to distribute a minimum 80% of the adjusted cash flow to equity, i.e. EBITDA less debt service and maintenance cost as dividends to its shareholders, provided that all known, future capital and debt commitments are accounted for, and the company's financial standing remains acceptable.

Reconciliation of Adjusted Cash Flow to Equity (ACFE)

Period	EBITDA1	Cash interest cost2	Ordinary debt repayments3	Dry docking cost including technical upgrades4	Adjusted cash flow to 5 equity (ACFE)	Dividends6	Dividends/ACFE
2019	25.8	10.3	13.9	6.0	-4.4	2.7	7 n.a.
2020	48.1	12.5	17.4	4.9	13.4	5.8	43%
2021	67.1	14.7	23.6	12.4	16.4	11.0	67%
2022	107.0	17.9	24.0	10.2	54.8	52.9	97%
2023	134.9	21.1	24.1	5.3	84.4	72.3	86%
2024	126.5	18.4	25.2	15.3	67.5	63.5	94%
Q1 2025	15.0	3.8	6.3	3.4	1.6	2.1	135%
Q2 2025	18.1	3.6	6.3	4.5	3.7	3.0	80%

1) Income Statement, EBITDA

2) Interest paid to related parties, Interest expenses mortgage debt, Interest expenses bond loan, Amortization capitalized fees loans

3) Cash Flow Statement, Repayment of mortgage debt. For periods not stated separately in Cash Flow Statement, see note Financial assets and liabilities for some more information

4) Normal drydocking and technical upgrades, not included energy efficiency investments. See note Vessels for more information

5) ACFE = EBITDA – cash interest cost – ordinary debt service – dry docking and technical upgrades. KCC believes reconciliation of ACFE provides useful information for KCC's stakeholders to understand dividend payments in context of the Company's dividend policy.

6) Dividend for the relevant quarter, distributed the following quarter 7) Negative ACFE